> For the complete documentation index, see [llms.txt](https://docs.jaawle.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.jaawle.xyz/product/trade-perpetuals.md).

# Trade perpetuals

A perpetual here is a leveraged long or short on a market, settled in USDC, against the market's pool. There is no order book and no funding rate between traders: the pool is the counterparty, and you trade at the oracle price plus the confidence band.

## What you can trade

| Kind            | Examples                         | Backed by                   | Trades           |
| --------------- | -------------------------------- | --------------------------- | ---------------- |
| Stocks and ETFs | AAPL, MSFT, NVDA, TSLA, SPY, QQQ | the pool's tokenized shares | NYSE session     |
| Crypto          | BTC, ETH, SOL, DOGE, PEPE, WIF   | the pool's USDC             | around the clock |

Stock and ETF perps follow the exchange, because the pool can only hedge while the exchange is open. See [Sessions and prices](/product/sessions-and-prices.md).

## Opening a position

1. Pick a market in the list on the left.
2. Choose long or short, market or limit. A limit order rests on-chain until the price reaches it. See [Limit orders](/product/limit-orders.md).
3. Enter the size in USDC or in units of the asset, and the leverage, up to the market's maximum (10× on most markets).
4. Optionally set a take-profit and a stop-loss. They go on-chain with the position. See [Take-profit and stop-loss](/product/take-profit-stop-loss.md).
5. Confirm in your wallet, or let one-click sign for you. See [One-click trading](/product/one-click-trading.md).

The ticket shows the entry price, the notional, the margin taken from your USDC, the fee, and the estimated liquidation price before you confirm.

A long enters at the ask and closes at the bid; a short does the reverse. The spread is Pyth's confidence band, a few basis points on liquid names.

## While the position is open

* **Borrow** accrues every second, proportional to how much of the pool's capital is in use. It is settled when you close.
* **Funding** is paid by the heavier side of the market to the pool, proportional to the skew. The lighter side is not paid; the pool keeps it.
* **Dividends** on stock markets are passed through on the ex-date: a long is credited the dividend per share, a short is debited it. Settled at close.
* **Liquidation** happens when equity falls to the maintenance margin, 0.5 % of size, 1.5× that outside the regular session. The positions table shows the distance to it and a health bar.

## Closing

Close all or part of a position from the positions table, or through a trigger. The realised result is the price move on the closed size, plus dividends, minus borrow, funding and the closing fee. Full closes pay everything to your wallet.

## Where to look

* **Positions** shows size, entry, mark, PnL, liquidation price and the triggers.
* **Orders** lists resting limit orders, with the margin held for each and a cancel button.
* **History** lists every fill with its kind: open, close, liquidation, take-profit, stop-loss or limit fill, and a link to the transaction on the explorer.
* The command bar accepts `long AAPL 10 x5 tp=340 sl=300`, `limit long MSFT 2 @500 x5`, `close AAPL`, `positions`, and `help`.


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